Maintenance Management Company UpKeep Raises $36 Million

By Dan Anderson ● May 14, 2020

Maintenance Management Company UpKeep Raises $36 Million

Maintenance management company Upkeep has announced it has raised $36 million in Series B funding

Maintenance management company Upkeep has announced it has raised $36 million in Series B funding. UpKeep is known for transforming the way frontline and deskless technicians manage their work and collaborate by replacing tedious paperwork and outdated systems with an easy-to-use mobile app. This round of funding was led by Insight Partners with participation from existing investors Emergence Capital, Battery Ventures, Y Combinator, Mucker Capital, and Fundersclub.

Ever since UpKeep raised its Series A round of funding in 2018, the company continued to see rapid growth across its users and customer base. So far, 10 million work orders have been created on the UpKeep app and the company now has over 400,000 users along with 2,000+ paying businesses.

UpKeep’s customers span across 61 countries and range from local small businesses to large corporations, including many essential businesses like manufacturing plants, hospitals, and wastewater treatment facilities. And the notable brands include Unilever, Siemens, DHL, Thermo Fisher Scientific, McDonald’s, and Jet.com.

As a software solution designed with the technician at the forefront, UpKeep is now focusing on innovation to empower technicians to keep their facilities safe and help managers retain business in a changing global health and economic climate. And Customer Success Managers at UpKeep are uploading critical resources, like maintenance and sanitation checklists to customers’ UpKeep accounts, at no additional cost.

The financing allows UpKeep to continue to provide support for essential maintenance workers worldwide as well as invest in their teams, communities, and products to scale operations.

Key Quotes:

“At UpKeep, we know maintenance and facility managers are typically only thought of when something at a facility is broken so badly that it’s out of commission,” said Ryan Chan, UpKeep founder and CEO. “The truth is, maintenance and facility workers are part of the backbone of every industry, in every country in the world. They make a huge impact on all of our lives, every single day, whether we’re aware of it or not – and that’s never been more apparent than now as they work on the frontlines of the COVID-19 crisis. Today, and every day, our commitment is to serve these maintenance workers as they lead the charge molding the post-COVID world around us.”

“For the past decade, maintenance and facility managers and field workers have been largely overlooked by technology innovation. The legacy technologies available to this industry have been outdated, clunky, and inconvenient-to-use web applications that do not translate to mobile.”

– UpKeep founder and CEO Ryan Chan

“COVID-19 is bringing the importance of maintenance into the spotlight, underscoring UpKeep’s mission. We are incredibly proud to support Ryan and his team at this critical time as they build out their platform and expedite offerings to help their customers navigate post-pandemic realities. We believe UpKeep will continue to be instrumental to the industries and people that keep our world safe and running.”

– Deven Parekh, Managing Director at Insight Partners

“When we first met Ryan, we were impressed by his passion for changing the lives of deskless workers in maintenance and operations functions. He and the rest of the UpKeep team are, for the first time, bringing great software to this important part of the workforce. We are proud of UpKeep for the incredible growth they’ve experienced so far and are excited about what this round will allow them to build for their customers.”

– Kevin Spain, Founding General Partner at Emergence Capital

“At the end of the day, it’s about our patient care. If I have a director come in and ask me how many IV pumps we have, I can pull those answers up quickly and have documentation for him on UpKeep.”

“We utilize UpKeep’s software to make sure that we can mitigate issues prior to them becoming fires. And that has been great, and that’s exactly what a CMMS is supposed to do, help us mitigate the issues that are going to arise.”